abandonment


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Abandonment

Controlling party giving up rights to property voluntarily.

Abandonment

1. The act of fully and completely relinquishing ownership of some property or asset. One may abandon both tangible assets, such as tools or real estate, or intangible assets, such as patents or leases. For example, abandonment occurs when someone leaves his/her house empty, never intending to return or otherwise use the property. Legal abandonment sometimes requires filing declaration of intent to do so with the appropriate authorities. Sometimes, a person may obtain abandoned property for free, though this does not apply to real estate. See also: Adverse possession.

2. See: Expiration.

abandonment

abandonment

An intentional surrender, disclaimer, or termination of ownership with no stated intention regarding who the next owner should be. Legally requires some external evidence of an intention to abandon; simply neglecting property will not suffice. Differs from surrender, which requires that someone accept the property,and from forfeiture,which is unintentional loss of property.Abandoned property will generally revert to someone with a prior claim,such as an abandoned leasehold reverting to the landlord or an abandoned easement reverting to the landowner. Sometimes abandoned property will escheat to the state.
References in periodicals archive ?
Thus, the courts have held an abandonment involves giving something so as to receive something else in return, which fits the ordinary meaning of a sale or exchange under the IRC.
Have a formal abandonment process that bases decisions on discounted cash flow analysis.
This article discusses the facts that law enforcement officers must obtain to demonstrate a person's surrender of fourth amendment privacy in premises, vehicles, and other items of personal property, so that a warrantless search will be reasonable under the legal theory of abandonment.
At many of these lowland Maya urban centers, spurts of population growth followed by temporary abandonment probably corresponded to fluctuations in annual rainfall and the availability of stored water, adds anthropologist Richard E.
Cloninger (1981) presents a model of arson abandonment that reconciles traditional abandonment models developed in the finance literature with criminal offense models developed in the economic literature.
In 2010, Forrester Research and MarketingSherpa reported shopping cart abandonment rates at 55% and 52% respectively.
Research by Bronto and Demandware provides insights and best practices from top retailers on how to optimize shopping cart abandonment marketing
Shopping cart abandonment is like an arch nemesis for many marketers.
Today s guidance will help ensure that victims of domestic abuse and spousal abandonment are able to claim the premium tax credit not just this year but in future years as well.
Tallgrass Interstate Gas Transmission has received the Pony Express Abandonment Order from the Federal Energy Regulatory Commission (FERC).
Circumstances have varied with each, yet whether an abandonment results from human error or an act of God, the one constant is that owners are out of pocket.
1) delays caused by the owner's bad faith or its willful, malicious, or grossly negligent conduct, (2) uncontemplated delays, (3) delays so unreasonable that they constitute an intentional abandonment of the contract by the contractee, and (4) delays resulting from the contractee's breach of a fundamental obligation of the contract.